Facing foreclosure can feel like being alone in the dark. But if you qualify and you're willing to do what it takes, you may be able to work with BlueHub SUN to save your home.
As a participant in the SUN program, your cooperation is key in making this program work.
- During the application process, we will request lots of paperwork and documentation from you. To get your application processed, you need to provide all of that information as quickly as you can.
- Before the closing, it's your responsibility to understand the details of your mortgage loan. Watch the videos to learn more. And ask your Mortgage Loan Officer any questions you may have.
- You are responsible for all closing costs.
- Once you enter into the BlueHub SUN program, you are responsible for paying your mortgage on time and in full.
- Look into refinancing out of your BlueHub SUN loan as soon as possible so you can pay off your shared appreciation mortgage, if applicable, and access lower interest rates on the conventional mortgage market. Learn more about refinancing below.
Meet Our Affiliates
BlueHub SUN is what we call the various entities that make your second chance possible. Throughout the SUN Process, you will hear these different names:
- Aura Mortgage Advisors, a licensed mortgage lender, handles underwriting and issues mortgages to BlueHub SUN clients.
- NSP Residential buys and resells homes and negotiates with a homeowner’s existing mortgage lender on the purchase price. NSP also issues the shared appreciation mortgage.
- Dovenmuehle (DMI) is our mortgage servicer and handles billing, payments, and other services. Dovenmuehle runs the online portal where you can manage your mortgage account. They also mail out your monthly mortgage statement. BlueHub SUN staff works closely with Dovenmuehle to answer your questions. Even as you hear from Dovenmuehle, you are still working with the BlueHub SUN program.
BlueHub Capital is SUN’s parent nonprofit organization. It is a national community finance organization based in Boston with a decades-long history of building healthy communities where low-income people live and work.
You should look into refinancing out of your BlueHub SUN loan as soon as possible because, as you clean up your credit, you may be eligible for lower interest rates in the conventional mortgage market. SUN is just one step on your path to financial health.
There is a process you need to follow to refinance successfully. Good planning can save you time and frustration—not to mention thousands of dollars in fees and interest payments.
- Carefully manage your finances — pay all of your loans and bills on time.
- Call a credit counselor to figure out the most effective ways to raise your credit score. We highly suggest using a credit counselor that is approved by the Department of Justice.
- If you have a shared appreciation mortgage, you will need to pay it off when you refinance out of your SUN loan. The amount of the shared appreciation mortgage depends on the percentage of appreciation you need to share and how much the value of your property has grown since you joined BlueHub SUN. While you're getting ready to refinance, you should know how much your shared appreciation mortgage is and how you intend to pay it. Potential options for paying it off include rolling it into a new loan or paying it off with cash. Watch the "Spotlight on SUN: Sharing the value" video for more about the shared appreciation mortgage. Contact BlueHub SUN if you want to know the value of your shared appreciation mortgage at 855.604.HOME or firstname.lastname@example.org.
- After you’ve made a year of on-time payments, try contacting a small local bank that may be able to issue proprietary loans. Or contact a big mortgage brokerage since they sell their loans to different types of investors and offer more flexibility.
- It may take two or more years to be eligible for refinancing but the sooner you accomplish the steps above, the better position you will be in for a brighter financial future.
Watch the "Spotlight on SUN: The way forward" video above to learn more about refinancing.
Learn more in our FAQs
Questions about your mortgage?
Call us TOLL-FREE AT 855.604.HOME or email us at email@example.com.